Statistics Canada released current account data on Monday. Canadian current account deficit narrowed to C$17.4 billion in the second quarter from a deficit of C$18.2 billion in the first quarter. The first quarter figure was revised down from a deficit of C$17.5 billion.

The fall in deficit was driven by declines in the trade in goods and services deficit. The trade in goods deficit fell by C$0.3 billion to a record C$6.7 billion in the second quarter, while the deficit on international trade in services declined by $0.2 billion to C$5.5 billion.